New York Long Island man sentenced to 18 years in prison for $12 million cryptocurrency scam

Planet Daily News: The U.S. Southern District Court of New York recently sentenced Long Island resident Eugene William Austin Jr. (also known as Hugh Austin) to 18 years in prison for charges including conspiracy to commit wire fraud, money laundering, and interstate transportation of stolen goods. The court found that Austin, together with his son Brandon Austin, defrauded victims by falsely promising large cryptocurrency transactions, short-term high-return investments, and introducing high-net-worth investors to startups, actually using the funds for personal luxury consumption. Brandon Austin pleaded guilty in 2023 and was sentenced to 4 years in prison. Together, they caused over 20 victims to suffer losses exceeding $10 million. Eugene Austin's sentencing date is set for February 20, 2025, with a potential maximum sentence of 45 years in prison. ()